$SPK has risen over 100% in a single day. Taking this opportunity to discuss the situation of Spark and the entire lending market: 1. Valuation: There was definitely some undervaluation before, but this surge is likely due to high control. Currently, the FDV (1.6 billion) is close to Morpho (1.9 billion). Of course, the market cap is still relatively low, and rationally speaking, it’s about right. It could surge further, but the volatility makes it unpredictable. 2. Position and Development: This is not FUD; I personally still pay attention to its development. From a fundamental perspective, relying on MakerDAO, the TVL is definitely not lacking, and this alone is a moat. However, it’s currently quite difficult to capture Aave's market. Essentially, it’s in T2 with Morpho and Compound, and below T3 are Euler and Silo. The lending space is very competitive, but now with compliant stablecoins and RWA expectations, there are new topics emerging. If these two new topics unfold, it could essentially benefit the entire lending market. For the current landscape, changes may not be significant unless a project can secure very good resources. In that case, overtaking is possible, but as it stands, Aave still holds the most advantage. Spark also has potential because MakerDAO is involved with RWA, so this is worth keeping an eye on.